N.M. Admin. Code § 12.11.13.14 - EXEMPTION AVAILABLE ONLY TO ISSUERS
The exemption provided by 12.11.13 NMAC is available only to the issuer of the securities and not to any affiliate of that issuer or to any other person from resales of the issuer's securities. 12.11.13 NMAC provides an exemption only for the transactions in which the securities are offered or sold by the issuer, not for the securities themselves.
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